Vixen Gold Project

On September 26, 2019, ALX announced the acquisition of claims prospective for gold mineralization in the Red Lake Mining District of Ontario, Canada. The Vixen Gold Project (“Vixen” or the “Project”) consists of three sub-projects totaling 10,069 hectares (24,880 acres) staked within the Birch-Uchi greenstone belt, located approximately 60 kilometres (37 miles) east of Red Lake, Ontario, Canada. Vixen is owned 100% by the Company, subject to a 2.0% net smelter returns royalty ("NSR").

ALX acquired Vixen after its review of historical surface exploration carried out by the Ontario Geological Survey (the “OGS”), and of Province of Ontario assessment records describing gold showings and past-producing mines located near the ALX claims.

Vixen demonstrates a credible setting for significant gold mineralization. In 1991, pristine gold grains were found by the OGS in till samples collected from Vixen South, which is a possible indication of an on-property source. Vixen South and Vixen West each lie within 10 kilometres (6 miles) of past-producing gold mines, and each lie within approximately 25 kilometres (15.5 miles) from the Springpole gold deposit (“Springpole”) owned by First Mining Gold Corp., which hosts an Indicated mineral resource estimated at 139.1 million tonnes containing 4.67 million ounces of gold and 24.19 million ounces silver at an average grade of 1.04 grams/tonne gold and 5.4 grams/tonne silver¹. Vixen North is located approximately 6 kilometres (4 miles) northwest of Springpole near other high-grade gold deposits and hosts historical showings in surface trenching with gold values ranging up to 9.5 grams/tonne gold².

1. Springpole Indicated Mineral Resource Estimate was calculated by SRK Consulting (Canada) Inc. in “Preliminary Economic Assessment Update for the Springpole Gold Project, Ontario, Canada” dated June 6, 2017 (Arseneau, et al)

2. “Brengold Prospect” - Trenching was carried out by Brengold Mines Limited in 1934 and is described in Ontario Department of Mines, Vol. XLVI, Part VII, pages 25-26.

2020 Airborne Geophysical Survey

On September 24, 2020, ALX announced the execution of a contract for a helicopter-borne geophysical survey at Vixen. The airborne survey is planned to begin in early October 2020 and will be focused on the Vixen North property, which demonstrates significant gold mineralization in surface samples.

Highlights of the 2020 Vixen North airborne survey

• ALX has engaged Terraquest Ltd. (“Terraquest”) of Markham, Ontario, a leading industry provider of airborne geophysical services and data processing, to perform the survey;
• The Vixen North survey plan consists of approximately 476 line-kilometres at 100 metre line spacing with the goal of defining drill targets along the newly-identified Vulpin Zone;
• A helicopter-borne acquisition system will collect horizontal Magnetic Gradient Data utilizing advanced positioning and gridding techniques;
• Terraquest’s survey specifications include the use of a proprietary digital Very Low Frequency Electromagnetic (“VLF-EM”) system on a best-efforts basis, the data from which can provide inversions of resistivity model sections;
• Radiometric data will also be collected to add to the understanding of surface alteration at Vixen North.

The 2020 airborne survey is designed to follow up ALX’s 2019-2020 prospecting programs at Vixen North, where gold occurrences returned up to 8.41 grams per tonne (“g/t”) gold within gossanous and magnetite-bearing host rocks at the Vulpin Zone.

In conjunction with the airborne geophysical survey, ALX is planning more surface exploration work at Vixen North in the remainder of the 2020 field season, including additional prospecting as well as soil and lake sediment sampling to better define the surface trace of the Vulpin Zone. The Company is planning to submit a drill permit for a drilling program in the winter of 2021 to test prospective target areas.

2020 Prospecting and Sampling Program

On August 6, 2020, ALX announced the commencement of a helicopter-supported prospecting and sampling program at Vixen. ALX developed a more extensive follow-up program for three areas of Vixen that have demonstrated significant gold mineralization, either through ALX’s recent work or from historical sampling reported to the Government of Ontario.

On September 9, 2020, ALX announced the results of the Vixen prospecting and sampling program carried out in August 2020. The onset of a major forest fire in the second week of August and the subsequent evacuation of the town of Red Lake, Ontario ended the exploration work abruptly at its half-way point – however, in their time on the ground ALX geologists collected 99 rock samples in thickly-forested terrain and were able to identify some important geological trends at Vixen North that indicate the presence of iron-formation-hosted gold occurrences.

Highlights of the 2020 Prospecting and Sampling Program

Based on exploration work carried out during the summer of 2020, ALX highlights the following for its newly-interpreted Vulpin Zone at Vixen North:

• Iron formation associated gold mineralization with three samples ranging from 0.89 to 8.41 grams per tonne (“g/t”) gold;
• Historical samples collected along the length of the Vulpin Zone range up to 22.73 g/t gold;
• Reinterpretation of a 1992 airborne magnetic survey shows a high magnetic anomaly over 3,000 metres in length;
• NNW-trending shear zone coincident for much of the Vulpin Zone;
• Multiple gold occurrences are present along the strike of the interpreted structure and geophysical anomaly;
• Gold mineralization found within a fluorite occurrence southwest of the Vulpin Zone may represent a genetic phase of porphyry-hosted gold deposition.

After a successful reconnaissance sampling program at Vixen in late 2019, where ALX collected rock samples ranging up to 23.9 g/t gold (0.765 oz/ton), ALX carried out a follow up helicopter-supported, prospecting and sampling program (the “2020 Program”). Rock samples collected in 2020 at Vixen North ranged up to 8.41 g/t gold, with two of three samples collected in a newly-recognized mineralized zone located in the central part of the property named the Vulpin Zone returning gold values greater than 1.0 g/t. Historical sampling also found significant gold values:

Vixen Gold Project – Vulpin Zone, 2019-2020 and Historical Gold Results greater than 1.0 g/t Gold

During the 2020 Program, gold occurrences were found within gossanous and magnetite-bearing host rocks, leading to the possibility of banded iron formation (“BIF”) gold deposits at Vixen, a gold deposit model which has not been historically sought after in the Vixen area. However, the Springpole Gold deposit (owned by First Mining Gold Corp.) located six kilometres to the south of Vixen North demonstrates the influence of NNW-trending BIF for hosting gold mineralization confirmed by both surface mapping and the detection of strong magnetic high anomalies observed in a 2004 aeromagnetic survey. At Springpole, strong evidence exists that gold and associated fluorite mineralization is genetically related to the high-level emplacement of a large, alkaline porphyry intrusive and breccia pipe complex (“APB”)². ALX is currently reviewing the interpreted iron formation and fluorite occurrences at Vixen North to evaluate the presence of an APB gold mineralization model at the Vixen Project.

¹ Preliminary Economic Assessment Update for the Springpole Gold Project, Ontario, Canada, prepared for First Mining Gold Corp. by SRK Consulting (Canada) Inc., November 2019.

² Technical report on the Springpole Lake Property, Red Make Mining Division, NW Ontario, for Gold Canyon Resources Inc., (Zabey, 2002).

ALX has reviewed the digital data from a 1992 airborne electromagnetic and magnetic survey flown over what is now Vixen North in conjunction with the 2020 Program results. The northern edge of a 3.0 kilometre-long magnetic high anomaly is coincident with a series of gold occurrences at the Vulpin Zone mapped in the abridged 2020 Program. The strong magnetic high feature curls southward into a lake that obscures any bedrock expression. ALX also interprets a broad NNW-trending shear zone striking through the Vulpin Zone that further supports the BIF hypothesis.

ALX is planning more surface exploration work at Vixen for the Fall of 2020, including additional prospecting, soil and lake sediment sampling, and ground geophysical surveys.

2019 Prospecting and Sampling Program

On December 12, 2019, ALX announced the results of a reconnaissance sampling program carried out during an October 2019 site visit to Vixen North.

A total of 78 rock samples were collected within Vixen North from six locations that were chosen following ALX’s review of historical exploration data. Crews were transported daily by helicopter to the sites where historical trenches and reported mineral occurrences were located. Both mineralized and unmineralized samples were collected to obtain geochemical signatures at each of the target areas. Four rock samples returned significant values of gold with anomalous silver, including a sample comprised of 80% quartz veins/flooding with 20% host metabasalt that returned 23.9 grams/tonne (0.765 oz/ton) gold. Rock samples that returned assay values of over 1.0 grams/tonne gold are shown in the table below and certain mineralized samples are shown in the map below. The brief five-day program successfully confirmed many of the historical gold prospects at Vixen North, and additional work was recommended. ALX has integrated the geochemical results of its October 2019 site visit with all available geological and geophysical data in order to prioritize target areas that demonstrate faulting and possible geological contacts that are interpreted to act as conduits for hydrothermal fluids for precious metals.

Vixen Gold Project – Rock Samples with Assay Values greater than 1.0 grams/tonne Gold

A total of 149 soil samples were collected for processing by the Spatiotemporal Geochemical Hydrocarbon (“SGH”) method, which has reportedly detected gold and other minerals in overburden covered areas. The results from the SGH survey at Vixen South showed an anomalous response for gold and have been integrated into the Vixen exploration database to assist in future surface exploration and target generation.

The Vixen claims were staked by a related party to ALX (the “Vendor”) and were acquired by the Company in exchange for reimbursement of the Vendor’s staking costs, and implementation of an exclusive three-year geological services agreement between ALX and the Vendor. A 2.0 % NSR was granted in favour of the Vendor, 1.0% of which can be purchased by the Company for $1.5 million.

To date, the Red Lake Mining District (“Red Lake”) has produced over 28 million ounces of gold since mines began production in 1925 (readers are cautioned that mineralization present on adjacent properties may not be present at Vixen). Historic gold mines in the Red Lake camp include the Campbell mine, the Red Lake mine, and the Couchenour-Williams mine, all multi-million ounce gold producers. Vixen lies within the Birch-Uchi greenstone belt, a geological trend located to the northeast of Red Lake that is highly-prospective for new showings of gold mineralization. ALX considers Vixen underexplored where areas of limited outcrop inhibited surface exploration and plans to identify new drill targets through its geophysical review and leading-edge geochemical exploration techniques.

The technical information in this news release was reviewed and approved by Sierd Eriks, P. Geo., President and Chief Geologist of the Company, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Readers are cautioned that some of the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists of the eras discussed. ALX cautions investors that it has reviewed but has not verified all of the historical Vixen exploration data. Management further cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Vixen Gold Project.

Gold analyses from 2020 and 2019 described above were processed by Activation Laboratories Ltd. (Actlabs) in Ancaster, Ontario by fire assay with Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES). Silver was analyzed using a 4-acid “Near Total” Digestion with an ICP‑OES finish.